The New Tax Law at a Glance

Here are a few major changes to the federal tax code that may affect your 2018 returns.

7 Important Deductions Going Away

  1. Dependent and personal exemptions
  2. Interest on Home Equity Loans not used to build, buy or improve your home
  3. Mortgage Insurance Premiums (MIP)
  4. Exclusion for Forgiven Debt
  5. Miscellaneous Itemized Deductions – i.e., unreimbursed employee expenses
  6. Moving Expenses
  7. Tax preparation and investment fees